Wells Fargo Reaches $591 Million Agreement With Fannie Mae

Wells Fargo & Co (NYSE:WFC) announced Monday that it has reached an agreement with Federal National Mortgage Assctn Fannie Mae (OTCBB:FNMA) to resolve substantially all repurchase liabilities. The country’s largest mortgage lender said the agreement relates to loans sold to Fannie Mae that were originated prior to January 1, 2009. Wells Fargo deal resolves legacy issues According to a statement issued by Fannie Mae, after adjustments for prior repurchases, Wells Fargo & Co (NYSE:WFC) will pay Federal National Mortgage Association Fannie Mae (OTCBB:FNMA) $541 million in the fourth quarter of 2013 and be released from repurchase liability for these loans, with certain…